The cornerstone of legacy: Family governance in India's billionaire boom
Why Jersey is the ideal partner in securing India's family business legacy
Faizal Bhana, Director – Middle East, Africa and India, Jersey Finance
India's economic ascent is woven into the tapestry of its thriving family businesses. These enterprises, nurtured across generations, are not just drivers of wealth but custodians of tradition, heritage, and national pride. As India witnesses a surge in ultra-high net worth (UHNW) families and billionaire households, ensuring the sustainability and success of these businesses demands special attention, support structures and robust framework: family governance.
The significance of family governance cannot be overstated. For the families behind India's industrial empires, navigating the complexities of wealth management, succession planning, and maintaining familial harmony requires a structured approach. This is where Jersey, an award-winning international finance centre (IFC), emerges as a strategic partner, offering its expertise and innovative solutions and decades of experience and expertise from supporting global families to help and assist in safeguarding the legacy of Indian UHNW families.
Safeguarding the legacy
The burgeoning ranks of India's UHNW community paints a compelling picture. With an estimated 300 family offices managing an average of US$100 million each, and the number of US-dollar millionaires projected to double by 2026, the need for sophisticated wealth management strategies is undeniable1. This growth is further fueled by the presence of 166 billionaires and the third-highest number of centi-millionaires globally, showcasing the sheer scale of wealth concentrated within Indian families.2
However, with great wealth comes the need to exercise great responsibility. Disparate branches within families, coupled with a lack of communication and transparency, can sow the seeds of discord. Formalising information-sharing and decision-making processes through family governance programs is crucial, preventing discord and ensuring the smooth transition of wealth and leadership across generations. Embedding an adequate governance framework within the family takes time, requires buy-in from all of the family, top to bottom and commands personal responsibility for each family member.
